CT: The good news, the bad news…

Posted on October 27, 2011. Filed under: Uncategorized |

We’re finding good news and bad news for Connecticut today.

The good…

  • In one of few bipartisan decisions so far in a rather divided legislature, the jobs incentive bill passedyesterday, with only two legislators voting “no.”The 77-page bill, with an estimated cost of $701 million (up from the original $516 million price tag), features a wide variety of incentives including but not limited to:
    • cutting the business entity tax in half,
    • expanding a tax credit for businesses that hire veterans, people with disabilities, and the “chronically unemployed,”
    • expanding funding for brownfield redevelopment, and
    • creating “airport development zones.”

One of the two legislators who voted against the proposal, Republican Rep. Chris Coutu of Norwich, expressed concern about the long-term tax increase made necessary by the $1.1 billion cost of the jobs initiative over 20 years.

  • The legislature also (in a far more partisan split, 101-41 in the House and 21-15 in the Senate) approved funding for the controversial Jackson Laboratory initiative. The $291 million program (spread over 10 years) will bring the Maine genetic research institute to UConn’s Farmington campus.
    • According to a releasefrom Gov. Dannel Malloy’s office,

      “Permanent jobs associated with the facility total more than 6,800 over 20 years, including 300 direct jobs within 10 years and 600 direct jobs within 20 years. The total 20-year capital and research budget for the institute is projected to be $1.1 billion, with Jackson Laboratory providing $809 million through federal research grants, philanthropy and service income, and the State of Connecticut contributing $291 million ($192 million in a secured construction loan and $99 million in research partnership participation). For every $1 the state is spending on this project, Jackson Laboratory will spend $3.”

  • Earlier this week, Malloy also welcomed the fourth of his “First Five” companies: NBC Sports Group. NBC joins CIGNA, TicketNetwork, and ESPN on the “First Five” roster.

Now, the not-so-good.

Remember the CSCPA’s “Fix Our Future” campaign?

“Connecticut’s debt is $4,859 for every man, woman, and child,” the campaign read. “Tell your legislators it’s time to fix our future.”

Turns out that number’s now worse than we thought!

Connecticut’s per capita debt is now $5,402 – giving us the dubious honor of the state with the highest per capita debt.

Looks like there’s still work to be done!

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